A New York developer who is building a high-profile condominium development in South Florida with Donald Trump has plans for a $1 billion Las Vegas condominium complex.
Gil Dezer, president of Dezer Development, bought 9 acres of land on Industrial Road just south of Tropicana Avenue. Now at the site is the Tropicana Industrial Center, a complex of industrial and warehouse buildings.
Dezer would not disclose the purchase price, but market analysts said land with the same zoning and near-Strip location goes for $1 million to $4 million an acre. That estimate means the property would be worth between $9 million to $36 million.
Dezer purchased the property from retired physician Russell Clark. Clark is 104 years old and bought the property in 1973 for $79,000, according to the Clark County Assessor.
The land sale was expected to close this morning, said Flavio Ostolaza, agent with Prudential Americana Group Realtors, who represented Dezer in the transaction.
Dezer, who turns 30 today, plans a cluster of three to four condo towers on the Las Vegas property and expects the project to cost as much as $1 billion.
Dezer is a landlord in Chelsea, N.Y., and is currently building Trump Grande Ocean Resort and Residences in Miami Beach, which consists of three high-rise condominium towers. Donald Trump is an equity partner in that project.
The young developer believes the site he's buying is perfectly situated to capitalize on its proximity to the megaresorts on Las Vegas Boulevard.
"In Miami the focal point is the ocean and here it is the Strip views," Dezer said. "It will be pretty incredible."
He hopes to file entitlement plans with the county in the next 45 to 60 days, with construction beginning in the next year to year and a half. A casino is not likely to be built on the site, Dezer said.
"We're going to hit the ground running," Dezer promised.
Still in the early stages of planning, Dezer said he's not sure how many condo units he'll build and what they'll sell for. He said he'll likely build traditional condominiums but may decide to allow owners to rent units by the night if the market is right.
Dezer doesn't expect to partner with Trump on the Industrial Road project because Trump is already building a condominium project next to the New Frontier.
archive